We had steep declines in the major stock indices today, taking back a small chunk of their recent outsized gains.

The Dollar gave up a similar piece of its recent gains from a fairly lofty valuation.

Gold and silver rallied sharply, breaking out of their recent price range.

But what was most remarkable about this day was the complete lack of a sense of risk involved in all this.

The VIX barely moved.

The broader index in the small cap Russell 2000 did not correct.

So let's just call this a rinse, following a thorough wash, following a benign CPI number.

PPI tomorrow.

Have a pleasant evening.

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